When you start thinking about the future, you start thinking about what you would like to do after you are done working. With people living longer and longer, there is plenty of time after retirement for you to go out and do all things that you want to do. However, there is no guarantee that there is going to be enough money for you to go out and do what you want to do unless you do everything you can to plan ahead and start funding your retirement. Read More»
As tax season arrives, there can be a lot of questions in people’s minds. If your income situation has changed since last year, you may even wonder if you need to file federal income taxes at all. To help answer this question, here is a handy guide to deciding. Who Could Be Affected? Since the vast majority of U.S. citizens and residents must file taxes each year, it can seem strange to contemplate not doing so. Read More»
Parent’s know that the expenses associated with raising a child quickly add up. By the time a child is 18, parents can expect to spend anywhere from $145,500 to $455,000, a range that doesn’t include the cost of college. Get ahead of your expenses by utilizing some of the tax benefits specifically designed for parents. Contribute to a Tax Advantaged 529 College Savings Account One of the most significant expenditures a parent will have is college tuition. Read More»
You may have started writing your blog because of a passion you have, but, if you’ve started making money with it, tax time can be somewhat stressful. As someone who isn’t used to running a business, you are likely to be making the following accounting mistakes because you don’t realize how your actions can affect you when it’s time to do your taxes at the end of the year. Not Separating Out Business Income and Expenses Read More»
Keeping an eye on your finances is key to a successful business, but it may not be your forte if you come from another background. There are some strategies that you can take to both have a strong handle on your finances and save most of your time for other tasks. Let a Specialist Do the Work First of all, there are several reasons to have a finance person who is designated to do most of the legwork. Read More»
Managing the financial aspects of running a business can seem like a daunting and overwhelming task for anyone to do. This can be particularly true during tax season. Unfortunately, there are some individuals that may make the mistake of assuming that some common misconceptions about this aspect of managing a business are true. By learning the reality about the following financial myths, you will find yourself in a far better position to make sound choices for your needs. Read More»
The oil industry—or its support industries—can be a “boom or bust” line of work. When times are good, an oil-field worker can bring in as much as six figures annually. But when the price of oil drops or other outside forces push costs up, workers can be laid off in a heartbeat. If you’re starting work in the oil fields, then it’s important to follow a few guidelines for maintaining a healthy financial life even in these volatile times. Read More»
Owning a small business means there are a lot of responsibilities that fall onto the shoulders of the owners. A small business owner’s work is never done and there is a lot of paperwork that needs to be done to stay on top of things. The time to process the taxes for your small business can be stressful, but there are a number of things that you can do to get your taxes in order before you hire an accountant. Read More»
When dealing with a divorce, it is important to hire the correct professionals to assist with the process. An attorney is necessary to deal with all of the legal issues that come with a divorce: child custody, property division and spousal maintenance are all issues that need to be dealt with before a divorce can be granted. Qualified therapists can also be beneficial to help each spouse, as well as any children affected by the dissolution of the marriage. Read More»
If you are newly self-employed, you will want to take steps throughout the year to prepare for the filing of your income taxes. Since federal and state income taxes are not withheld year-round by your employer, it is up to you to figure out what percentage of your income will need to be socked away if you need to make a payment when taxes are due. For 2015, self-employment tax is 15.3% of your pay. This number should be used as a starting point in figuring out how much to save in future years. Read More»